(Corrects to say DBS is joint adviser in sixth paragraph)
SINGAPORE, Aug 27 (Reuters) - Singapore’s Fraser and Neave , controlled by Thai billionaire Charoen Sirivadhanabhakdi, said it will separately list its property business later this year as it moves to spin off the firm’s soft drinks and real estate units.
The company also confirmed plans for a hospitality real estate investment trust, which sources have told Reuters are part of the Thai tycoon’s plan to merge some of F&N’s assets and his own business empire.
The restructuring comes a few months after Charoen took control of the Singapore real estate and soft drinks conglomerate after a bidding war with a group led by Overseas Union Enterprise.
“It provides sharper focus on the growth of the food and beverage and properties businesses as independently-listed entities and paves the way for further growth in both sectors,” F&N said in a statement on Tuesday.
“The in-specie distribution and listing exercise is an effective way to release value to F&N shareholders.”
DBS is joint adviser on the demerger, F&N said.
The Thai tycoon owns F&N through his family vehicle TCC and Thai Beverage PCL.
Sources had earlier told Reuters F&N is considering a hospitality REIT that may raise at least $500 million to help refinance some of the debt that Charoen’s companies took on to win control of the Singapore firm, people with knowledge of the matter have said. (Reporting by Eveline Danubrata and Saeed Azhar; Editing by Ryan Woo)